Euro zone: Will growth slow initially because of supply-side or demand-side problems?

Cyclical indicators suggest that growth in the euro zone is going to slow , although not collapse. The key question is whether this slowdown will result initially from: Supply-side problems (hiring difficulties, insufficient production capacity); Or demand-side problems (slowdown in real wages and consumption, downturn in the investment cycle, slowdown in exports). An examination of the various surveys and variables as well as of foreign trade seems to show that both problems co-exist, but that supply-side problems have become more prominent since the end of 2017.